Northern 3 VCT PLC.

Statement re Possible Merger

3 JUNE 2011

NORTHERN 3 VCT PLC

STATEMENT RE POSSIBLE MERGER

The boards of Northern 3 VCT PLC ("Northern 3") and Northern AIM VCT PLC ("Northern AIM") announce that they have commenced discussions with a view to a possible merger of the two companies. Any merger would be subject to approval by the shareholders of both companies. Subject to further consideration, it is envisaged that the merger would be effected by means of a scheme of reconstruction under Section 110 of the Insolvency Act 1986 by transferring the assets and liabilities of Northern AIM to Northern 3 in consideration for new Northern 3 ordinary shares, which would be issued to Northern AIM shareholders on the basis of the respective net asset values. A merger on this basis will be outside the provisions of The City Code on Takeovers and Mergers.

Neither the contents of the NVM Private Equity Limited website nor the contents of any website accessible from hyperlinks on the NVM Private Equity Limited website (or any other website) is incorporated into, or forms part of, this announcement.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:(i) the releases contained herein are protected by copyright and other applicable laws; and(ii) they are solely responsible for the content, accuracy and originality of theinformation contained therein.

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